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Anderson and Associates, P.C.

Free Initial Consultation


Schaumburg Foreclosure Defense Attorney

Barrington Foreclosure Attorney

Mortgage Foreclosure Defense Lawyers Serving Palatine, Streamwood and Hanover Park

People can end up in difficult financial situations for a variety of reasons, including the loss of a job, overwhelming medical expenses, adjustable rate mortgages which result in payments that are too high, and declining housing values that make it impossible for homeowners to sell their home with enough profit to pay off their mortgage. If you are unable to pay debts and are facing the foreclosure of your home, the experienced bankruptcy attorneys at Anderson and Associates, P.C. can help you understand the options that are available to you.

Avoiding Foreclosure Through Bankruptcy

When families face overwhelming debt, bankruptcy can provide them with a path to getting back on their feet. Bankruptcy options include:

  • Chapter 13 Bankruptcy - This type of bankruptcy allows debtors to keep their home, reduce the amount of their unsecured debts (credit cards, medical bills, utility bills, etc.), and create a payment plan to pay off secured debts (mortgages, automobile loans, etc.) over multiple years, as long as they are able to continue making their existing mortgage payments.
  • Chapter 7 Bankruptcy - This type of bankruptcy completely eliminates unsecured debts. If you are able to continue making your monthly mortgage payments, you may be able to avoid foreclosure.

If you are facing foreclosure, filing for bankruptcy will place an automatic stay on any collections actions against you. The bankruptcy process usually takes three to four months, during which you can determine your best options for discharging your debts and creating a workable payment plan that will allow you to keep your home.

Minimizing Liability when Foreclosure is Unavoidable

Sometimes, foreclosure cannot be avoided, and a family's best option is to minimize their liability. In addition to the loss of property during foreclosure, lenders may also seek deficiency judgments against borrowers if the total amount of debt is higher than the property's foreclosure sale price. If your home has been foreclosed upon or if you are facing eviction or a deficiency judgment, you need an experienced attorney on your side who can help you understand your rights and advocate for you as you work to get your life in order.

A Livable Future after Foreclosure

With over 30 years of experience in family law, estate planning, and bankruptcy, the attorneys at Anderson and Associates, P.C. can protect your rights and provide you with efficient, sensible advocacy. We can help you understand the laws that protect borrowers from predatory lenders and explain your options for minimizing the upheaval that bankruptcy and foreclosure bring to your family.

If foreclosure or crushing debts threaten your family's financial stability, you will want to do whatever you can to resolve these issues and fight for your future. Contact a Schaumburg foreclosure attorney at 847-995-9999 for a free initial consultation. We serve clients in Rolling Meadows, Hoffman Estates, Barrington, Arlington Heights, Palatine, and throughout the greater Chicago area.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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